Pinging and Phishing Detection in Trading Systems

The Pinging and Phishing Detection model detects activity designed to take advantage of hidden volume at the expense of slower market participants.

Pinging and Phishing

Pinging and phishing involves the entering of small orders to discover hidden book depth followed by a series of order actions designed to force the large order to trade at less desirable prices. Neurensic takes a highly targeted approach to pinging surveillance that involves comparing the pattern of behavior after each ping order, with phishing patterns that have a higher likelihood of drawing regulatory attention.